JV to Develop $67M Ground-Up MF Project in Lehigh Valley
A joint venture led by Greystone Capital, Black Bear Asset Management (BBAM), and The Crest Group (TCG) will develop 1493 Van Buren Road, a $67 million multifamily community in Palmer Township, Pennsylvania.
Black Bear Capital Partners served as the advisor on the land acquisition, arranging an 18-month, $8.35 million financing to support the acquisition and fund pre-development activities. The financing was arranged by Bryan Manz and Emil DePasquale. BBAM and TCG supplied the entirety of the loan.
The project will be developed on a 16-acre site at Van Buren East and will consist of 216 apartment units across six residential buildings and one standalone clubhouse, totaling approximately 261,096 square feet. The unit mix includes 90 one-bedroom and 126 two-bedroom apartments.
BBAM will focus on capital investment, Greystone Capital will lead development and operations, and TCG will contribute real estate management, development expertise, and capital. This latest partnership marks the fourth such venture between Greystone Capital and BBAM, and the second partnership involving TCG.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout